FDP announces record revenues and increased earnings for the third quarter of fiscal 1996.MIAMI--(BUSINESS WIRE)--Sept. 19, 1996--FDP Corp. (Nasdaq:FDPC FDPC Full Duplex Packet Cascading (Vtrails) FDPC Federal Data Processing Center(s) FDPC Frequency-Dependent Phase Compensation ) Thursday Thursday: see week. announced the financial results for third quarter ended Aug. 31, 1996. For the quarter just ended, revenues reached a record high increasing 42% to $6,694,000 vs. $4,717,000 in last year's comparable quarter. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. for the quarter was up 159% to $573,000 as compared to $221,000 for the prior year. Net earnings for the third quarter increased 60% to $581,000 or $.15 per share vs. $364,000 or $.10 per share a year ago. For the nine month period ended Aug. 31, 1996, total revenues also reached a record high increasing 30% to $18,972,000 as compared to $14,558,000 for the same period last year. Operating profit for the nine month period increased 81% to $1,534,000 as compared to $846,000 for the prior year. Net earnings for the nine months increased by 43% to $1,581,000 or $.42 per share, up from $1,106,000 or $.31 for last year. FDP's record growth in revenues and increase in earnings in the third quarter of 1996 was related to new software sales and the acquisition of System Innovations. Revenues relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc FDP/COMPASS, the company's client/server An architecture in which the user's PC (the client) is the requesting machine and the server is the supplying machine, both of which are connected via a local area network (LAN) or wide area network (WAN). software for pension/annuity administration, nearly tripled representing almost a million dollar increase as compared to last year. Two new international contracts for installation of the product were executed in the quarter representing approximately two and a half million in new revenue continuing into next fiscal year. Additional revenues were also gained following the release of Contact Partner(tm) Version 2.0 (formerly known as Agency Database). Sales of the product increased 53% for the quarter due in part to enhancements to the system and new features such as the "Exclusive Custom Screen Generator generator, in electricity, machine used to change mechanical energy into electrical energy. It operates on the principle of electromagnetic induction, discovered (1831) by Michael Faraday. ." Finally, approximately 40% of the quarterly revenue increase related to System Innovations, a software application developer for the life insurance industry, which was acquired in the first quarter of fiscal 1996. Michael C. Goldberg, chairman and chief executive officer stated: "Our rapid revenue growth in the international market for FDP/COMPASS, the continuing acceptance of our FDP/VISION strategy and the successful integration of System Innovations has brought us to record levels in revenues and significant increases in earnings. FDP/COMPASS has exploded ex·plode v. ex·plod·ed, ex·plod·ing, ex·plodes v.intr. 1. To release mechanical, chemical, or nuclear energy by the sudden production of gases in a confined space: in the international marketplace as we have signed five new contracts spanning South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. , the United Kingdom and Australia, and representing almost eight million in new revenue continuing through 1997. In addition our FDP/VISION strategy has been very well received by the insurance industry as evidenced by the 18 insurance company home offices that have selected FDP/VISION products for use by their agents. We expect our growth will continue as we introduce additional FDP/VISION products and continue to aggressively build upon our international presence." FDP's financial condition remains strong with cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has of $16,894,000, no debt, and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $22,531,000. Miami-based FDP FDP fibrin (fibrinogen) degradation product. Corp. develops and markets application software systems for the marketing and administration areas of the Employee Benefit and Life Insurance industries. -0-
FDP Corp.
Selected Financial Data
Three Months Ended Nine Months Ended
Aug. 31, Aug. 31,
1996 1995 1996 1995
Revenue $6,694,000 $4,717,000 $18,972,000 $14,558,000 Operating Profit $ 573,000 $ 221,000 $ 1,534,000 $ 846,000 Earnings Before Income Taxes $ 852,000 $ 474,000 $ 2,316,000 $ 1,558,000 Net Earnings $ 581,000 $ 364,000 $ 1,581,000 $ 1,106,000 Earnings Per Share $.15 $.10 $.42 $.31 Weighted Average Number of Shares 3,873,000 3,578,000 3,809,000 3,582,000
Aug. 31,
1996 1995
Stockholders' Equity $22,531,000 $19,629,000 Total Assets $26,932,000 $22,821,000 CONTACT: FDP Corp., Miami Mark Silverman, Chief Financial Officer 305/858-8200 |
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